Govt Extends PMFBY & RWBCIS Schemes Till 2025-26, Allocates Rs 824.77 Cr For Tech Integration

The extension aligns the schemes with the 15th Finance Commission period. This decision was made during a meeting of the Cabinet Committee on Economic Affairs (CCEA)

Information and Broadcasting Minister Ashwini Vaishnaw highlighted that both schemes had received a positive response from farmers

Source : PTI

The Indian government has extended two key crop insurance schemes — the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather-Based Crop Insurance Scheme (RWBCIS) — for another year, until 2025-26. Additionally, a dedicated fund of Rs 824.77 crore has been created to infuse technology into the implementation of these flagship schemes.

The extension aligns the schemes with the 15th Finance Commission period. This decision was made during a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.

Information and Broadcasting Minister Ashwini Vaishnaw highlighted that both schemes had received a positive response from farmers, leading to an increase in their allocations. The total outlay for PMFBY and RWBCIS has been raised to Rs 69,515.71 crore for the 2021-22 to 2025-26 period, up from Rs 66,550 crore allocated for 2020-21 to 2024-25.

The government also approved the creation of a Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore to incorporate advanced technology into the crop insurance schemes. This will aid in faster crop damage assessments, claim settlements, and help resolve disputes. Digital technologies will also be utilised for smoother enrollment and broader coverage.

The agriculture ministry highlighted that the fund would support initiatives like the Yield Estimation System using Technology (YES-TECH) and the Weather Information and Network Data Systems (WINDS). YES-TECH, which uses remote sensing for yield estimation, is already implemented in nine major states, with Madhya Pradesh adopting 100 per cent technology-based yield estimation. WINDS aims to set up weather stations and rain gauges at local levels to generate hyper-local weather data.

To further support the initiative, WINDS' implementation has been shifted to 2024-25, with the central government sharing funding in a 90:10 ratio with state governments. This revision ensures greater benefits to states.

PMFBY is the largest insurance scheme in India, covering crop yield risks, while RWBCIS addresses weather-related risks, providing financial assistance to farmers affected by crop loss due to unforeseen events. Both schemes have been instrumental in offering a safety net to farmers across India.